Nigerian Healthtech Startup, RxAll Secures N135m Investment from Founders Factory Africa
Nigerian healthtech startup, RxAll has been selected into Founders Factory Africa’s Venture Scale programme.
RxAll will participate in the six-month bespoke programme and receive investments in cash and tailored support services.
Speaking on the investment, Roo Rogers, CEO of Founders Factory Africa (FFA) said:
Counterfeit medication is a global health crisis. Its effects can be seen across the global healthcare ecosystem with over 1 million people dying globally per year. RxAll offers a unique, simple, and precise solution with its RxScanner device. FFA is excited to support RxAll’s growth and impact by delivering investment, network, and growth with Adebayo Alonge and his team.
RxAll verifies the authenticity of drugs using artificial intelligence and machine learning. The company joins other African healthtech startups including WellaHealth (Nigeria), EDAI (South Africa), LocumBase (South Africa), Akili Labs (South Africa) and RedBird (Ghana) as part of FFA’s Africa portfolio.
Commenting on the project, CEO of Netcare Group Richard Friedland said, “RxAll is an exciting venture that allows patients to have better access to high-quality medication and pharmacies to access authenticated medication.”
RxAll was founded in 2016 by Adebayo Alonge, Amy Kao and Wei Liu. Adebayo Alonge, a Nigerian Pharmacist, invented the world’s first drug authenticator called RxScanner.
The startup’s platform uses a patented molecular sensor device, RxScanner and its mobile app to carry out non-destructive testing of drugs. The device operates on a cloud-based machine learning algorithm secured by an International non-Proprietary name (IP). According to the company, the RxScanner has a 99.9% accuracy.
RxAll works with hospitals and pharmacies in Africa to limit the consumption of fake drugs and ensure that only high-quality drugs are delivered to patients.
The company says it is currently operational in six African countries – Nigeria, Ghana, Ethiopia, Kenya, Uganda and Gambia. It is also present in the USA, Canada, China and Myanmar.
As of 2019, RxAll had deployed around 70 RxScanners to the Food and Drug Administration agencies (FDAs) of five African countries as well as 200 pharmacies across Nigeria and Kenya, where 60,000 counterfeit drugs have been detected.
According to Crunchbase, RxAll raised $2 million seed funding from Plug and Play, Takuma Terakubo, SOSV and Norwegian Angel Challenge in February 2020.
In 2019, the health-tech received $113,000 in funding after winning Hello Tomorrow’s Global Challenge prize. It also raised over $600,000 in pre-seed funding from HAX.
Before this, the startup had in 2018 raised pre-seed funding of $500,000 from Katapult accelerator. In a previous funding round in 2017, the company had received a $60,000 grant from Equilateral Ventures, Yale University and Merck.
FFA’s Venture Scale programme will grant the healthtech access to a cash investment and bespoke support services worth $300,000. The Nigerian startup can leverage this investment to scale up its AI-based blockchain drug technology project in Africa and beyond.
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